Companies that manage financial data for multiple companies face processing challenges in standard Dynamics 365 Finance that our solution addresses. There are limitations to Dynamics 365 Finance that prevent efficient reporting and inquiring for multiple companies at one time. The Avantiico solution makes mass operations possible, saving keystrokes, time, and money.
Standard Dynamics 365 Finance financial management and accounting tools meet the needs of most enterprises. Such tools include but are not limited to: journals, reports and enquiries, and Excel uploads. Highly organized and centralized accounting software is essential for the growth of enterprise businesses.
However, multi-company and multi-entity accounting can be difficult in the out-of-box version of Dynamics 365 Finance. To address these gaps in Dynamics 365, Avantiico experts have developed a proven add-on solution for multi-company financial management. The solution allows for additional functionality in Dynamics 365 Finance that unlocks the software’s full potential for centralized multi-company financial management.
A feature that the Avantiico Centralized Multi-Company Financial Management Solution adds to Dynamics 365 Finance is the ability to validate and post journals for multiple companies from within a single journal. Global journals in standard Dynamics 365 are limited in that the user can only process the journals for one company or legal entity at a time.
The Avantiico Centralized Multi-Company Financial Management Solution minimizes the number of keystrokes and operational steps the user must execute to process journals for multiple companies. Therefore, implementing the Avantiico solution will save considerable time and cost. Additionally, the risk of human error is reduced. The possibility of posting journal data into the wrong company is heavily mitigated by the nature of the solution.
Multi-company journals are available for:
Another feature the solution adds to Dynamics 365 Finance is reporting and inquiring simultaneously for any number of legal entities or companies from within any company. A limitation of the standard Dynamics 365 Finance application is that all financial reports and inquiries must be run individually from each relevant company. The Avantiico solution allows for one “master” activity that creates reports and inquiries for all selected legal entities in one go, while still delivering output at a company level.
For example, if your business is responsible for the financial management of 50 companies, currently you would have to change current legal entity in Dynamics 365 Finance 50 times and from each legal entity you would have to run individual reports or inquiries for each legal entity. The Avantiico tool still outputs 50 reports or inquiries, but in one consolidated operation instead of 50. This is the case for any report or inquiry, including 1099 tax reports.
Operational hierarchies are easily defined between bookkeepers, accountants, and the companies they are responsible for using the Avantiico Centralized Multi-Company Financial Management Solution. Furthermore, company type and reporting segregation can be simply determined.
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A further significant time-saving feature included as part of the Avantiico Centralized Multi-Company Financial Management Solution is the ability to automate and expedite creation of basic Dynamics 365 Finance legal entities through an Excel import. This works for any company or legal entity that already has company information, chart of accounts, calendars and currency already defined in an Excel spreadsheet. In standard Dynamics 365 Finance, legal entity record and ledger setup must be created manually for each legal entity. The Avantiico solution creates these automatically during the Excel upload. This means countless hours of setup work are saved compared to the current model.
Book a free business assessment consultation with one of Avantiico’s Dynamics 365 and financial management software add-on experts and find out how your business can save money and improve operations.
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